Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Fulcrum Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.82
19.2
6.34
2.81
80
0
Research and development
25.2
71.1
59
69.7
76.8
71.8
63.4
56.1
General and administrative
8.31
13.1
21.4
30.5
41.7
41.7
36.4
28.7
Operating expenses
33.5
84.2
80.4
100
119
113
102
84.8
Operating income
-33.5
-84.2
-71.6
-81.1
-113
-111
-21.9
-84.8
Income tax
0
0
Net income
-32.6
-82.7
-70.8
-80.8
-110
-97.3
-9.73
-74.9
EBITDA
-32.2
-82.2
-69.2
-78.5
-110
-108
-20.3
-83.4
EPS, basic
-31.14
-8.13
-2.79
-2.29
-2.44
-1.59
-0.16
-1.18
EPS, diluted
-31.14
-8.13
-2.79
-2.29
-2.44
-1.59
-0.16
-1.18
Shares, basic (weighted)
0
0.01
0.03
0.04
0.04
0.06
0.06
0.06
Shares, diluted (weighted)
0
0.01
0.03
0.04
0.04
0.06
0.06
0.06
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
72.8
96.7
57.1
35.4
35.1
25.6
58.2
198
Short-term investments
0
Other current assets
0.24
0.28
0.07
0
4.37
5.44
6.81
5.17
Total current assets
74.1
100
120
226
208
242
250
357
Property, plant and equipment
10.5
9.21
8.4
7.37
6.91
5.22
3.9
2.82
Lease right-of-use assets
0
9.06
7.18
5.68
4.24
Other non-current assets
0.04
0.06
0.58
0.54
2.11
2.01
0.01
0.54
Total assets
85.8
110
130
235
227
258
261
366
Accounts payable
1.26
2.19
4.08
4.79
3.64
2.76
1.16
1.59
Accrued liabilities
1.45
2.24
2.93
4.99
4.21
4.71
2.99
4.31
Deferred revenue
3.99
14.9
4.71
0.93
0
Total current liabilities
4.23
12.1
26.7
19.2
16.7
13.7
11
13
Lease liabilities
0
10.8
8.63
6.44
4.04
Other non-current liabilities
0.15
0.06
0
0.2
0.2
0.2
0.2
Total liabilities
9.77
23.3
34.4
23.5
27.7
22.5
17.7
17.3
Paid-in capital
4.45
238
317
514
612
745
762
943
Retained earnings
-68.1
-151
-222
-302
-412
-510
-519
-594
Treasury stock
0
0
Other comprehensive income
-0
-0.4
-0.8
-0.14
0.13
0.17
Shareholders' equity
-63.7
87.2
95.2
212
199
235
243
349
Total equity
-63.7
87.2
95.2
212
199
235
243
349
Total liabilities and equity
85.8
110
130
235
227
258
261
366
Shares outstanding
1.59
22.7
27.9
40.6
52.1
61.9
54
66.6
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-32.6
-82.7
-70.8
-80.8
-110
-97.3
-9.73
-74.9
Depreciation and amortization
1.35
2.05
2.38
2.52
2.41
2.17
1.59
1.39
Stock-based compensation
2.16
4.22
7.35
11.1
13.4
14.8
14.6
12.5
Change in receivables
0.53
-0.61
0.91
-0.31
-1.56
2.1
Change in payables
-0.02
0.8
1.77
0.97
-1.18
-0.85
-1.59
0.43
Cash from operations
-22.6
-39.5
-53.7
-78.5
-97.1
-91
-2.22
-60.1
Capital expenditures
-8.98
-0.85
-1.34
-1.71
-1.96
-0.51
-0.28
-0.31
Purchases of investments
-124
-216
-151
-195
-179
-180
Cash from investing
-8.98
-0.94
-57.1
-130
12.4
-36.7
32.2
30.7
Stock issued
0.01
0.25
1.43
3.67
3.52
0.78
2.75
4.17
Cash from financing
105
64.3
71.1
187
84.3
118
2.75
169
Net change in cash
73.5
23.9
-39.7
-21.6
-0.31
-9.54
32.8
139
Free cash flow
-31.5
-40.3
-55
-80.2
-99
-91.5
-2.5
-60.4
Interest paid
0.01
0.01
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.74 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-27.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-26.2%
Net income / average total assets.
Return on invested capital (ROIC)
-28.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-100.0%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
43.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
20.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
29.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
40.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
17.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
23.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
2.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
12.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
20.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
31.4x
Current assets / current liabilities.
Quick ratio
4.71x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.71x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.87
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.86
Cash from operations / diluted weighted shares.
Book value per share
$4.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
0.92x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.92x
Market cap / tangible book value, when positive.
FCF yield
-23.2%
Free cash flow / market cap.
Earnings yield
-29.8%
Net income / market cap (the inverse of P/E).
What was Fulcrum Therapeutics, Inc.'s revenue in fiscal 2025?
Fulcrum Therapeutics, Inc. reported revenue of $0.0 for fiscal 2025, 100% lower than the year before.
Was Fulcrum Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $74.9M.
How much free cash flow did Fulcrum Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $60.1M minus capital expenditures of $314.0K left free cash flow of -$60.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.